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Tue, Jan 18
A Compendium of Property & Capital News
Jan 18
A Compendium of Property & Capital News

Rockland Trust Lends Drew Co. $27.6M for New 78-Unit Mixed-Use Project in Scituate

December 09, 2021
Rendering of SkySail: 100-108 Old Driftway, Scituate MA

SCITUATE — The Drew Company, a Boston-based real estate development and management company, known for pioneering the Seaport district, recently closed with Rockland Trust Bank on a $27.6 million construction loan for the residential real estate project, SkySail at Driftway.

“Rockland Trust is pleased to work with Drew Company to support this local expansive project,” said John Davison, First Vice President and Commercial Lending Center Manager at Rockland Trust. “These Scituate residences and retail spaces make living and owning a business in an extremely desirable area more attainable which will strengthen both our community and local economy.”

According to a release, SkySail is a 109,842 gross-square-foot luxury mixed-use development located at 100-108 Old Driftway and 318 New Driftway in the south coastal town of Scituate. The project consists of six buildings with 78 rental units including twelve income-restricted units, 8,914 square feet of retail and commercial space, and 160 parking spaces. The development is located adjacent to the MBTA’s Greenbush Commuter Rail Line - and just minutes from Scituate Harbor.

“The Drew Company is excited for this opportunity to partner with Rockland Trust Bank. Their loan enables us to expand our work on the South Shore (of Massachusetts) with this project - intended to enhance the vibrant community of Scituate and bring a best-in-class residential experience with complimentary amenities to the area,” relayed John P. Drew, President of Drew Company. “The project will also bring innovative features both indoor and outdoor to provide a productive work-live environment as well as ease of access to transportation options to and from Boston,”